Requirements for Mortgage Loan Application to Housing Policy Resources, for the expansion, remodeling and self-construction of the main dwelling.
On 12 August 2010, was published in the Official Gazette of the Bolivarian Republic of Venezuela, where No. 39,486, the instructive for the granting of loans for expansion, remodeling and self main housing.
In this installment, we'll play the general guidelines of this type of financing.
General Standards of housing policy for the main Housing finance for expansion, remodeling and self.
- Funding for this program come from the Compulsory Savings Fund for Housing (faov), the Public Sector Contributions (FASP) and the characteristic of Banking.
- Funding will be awarded to applicants or co-applicants in favorable solvents with monthly incomes up to five (5) minimum wages.
To date I write these lines (08/14/2010) the minimum wage is BsF. 1223.89 , ie will only option in this type of financing families whose income does not exceed Bs.F 6119.45 per month.
- The loan will be granted when the land itself, or alternatively, the owner authorizes the establishment of first mortgage, only if the relationship with the applicant or co-applicant is the fourth degree of consanguinity or second degree of affinity.
- The property must be in urban or rural areas who meet the appropriate permits, duly endorsed by the competent authorities in each area.
- shall apply the interest rate variable minimum social, financial and time share adjusted according to each mode.
- not eligible for this loan who in the past five (5) years have been the beneficiaries of a mortgage for the purchase of primary residence financed with resources from the housing policy.
- The beneficiary must cancel, in case of delay, the 2.44% annual interest on the capital portion of overdue monthly fee not paid.
In the next post will touch the subject of specific rules for each type of financing.
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